One Third of Financial Firms Rank Regulatory/Compliance Requirements as Top Business Driver

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New FIMA/Fenergo survey reveals 2013/2014 needs, risks and opportunities for institutions and reference data professionals

Financial Institutions surveyed in this report agree that the securities industry is in a period of change with respect to reference data.

According to a new survey of more than 100 reference data professionals from leading financial institutions, there is a lack of consistency with regards to effective data management across industries, but definitive strides are being made toward successful compliance, eliminating silos, improving accuracy of data flow and sharing data across the organization. The survey, which was put together and distributed by FIMA and Fenergo shows that 36% of executives name regulatory/compliance requirements as their number one priority- which is a 6% increase from 2012. It also shows that 38% of respondents say their firm’s counterparty data is more than 90% accurate – an improvement from 15% in 2012.

FIMA is a leading reference data management conference that is produced by global research and events company, Worldwide Business Research (WBR), based in New York. The FIMA team worked with Fenergo, an award winning provider of enterprise software to craft the questionnaire, which was distributed at the 2013 FIMA event in Boston. The survey covered topics like the current needs, risks and opportunities for institutions and reference data professionals. The goal of this survey was to establish an industry benchmark for senior executives at top financial institutions.

Click here to view the report. http://www.wbresearch.com/uploadedFiles/Events/USA/2014/10835_008/Download_Center_Content/FIMA2013Benchmark-FINAL.pdf

“Financial Institutions surveyed in this report agree that the securities industry is in a period of change with respect to reference data,” said Kelly Hushin, US Head of Digital Content for WBR. “In evaluating this data, it became clear that the increasing regulatory demands have forced financial institutions to scrutinize the state of their data management practices for quality control and risk management. Many firms today are truly putting forth a concerted effort to do this better.”

The FIMA/Fenergo 2013/2014 survey was distributed to senior reference data management professionals at top financial institutions such as Fidelity Investment, Morgan Stanley, Goldman Sachs, and JP Morgan, among others, at the 2013 conference.

About FIMA
FIMA was started in 2004, and is regarded as the premier reference data management, counterparty risk, and data innovation conference which brings together 250 leading reference data management professionals.

About Worldwide Business Research
WBR is the world’s biggest large-scale conference company and part of the PLS group, one of the world’s leading providers of strategic business intelligence with 16 offices worldwide.

About Fenergo
Fenergo is an award-winning provider of enterprise-wide Client and Counterparty Data Management, Client Onboarding Lifecycle Management and Enterprise Compliance software solutions for financial institutions.

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Mackenzie Baker
@FIMAUSA
since: 02/2010
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Worldwide Business Research (WBR)

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